By Lindsay Press
A former Riverhead attorney has pleaded guilty to stealing $25,000 from an escrow account that was meant for two parties in a real estate transaction.
In 2020, Peter A. Saad Jr. was hired to represent a client in the sale of his home. At that time, Saad was the principal attorney at the Law Offices of Peter A. Saad Jr., P.C., based in Riverhead. During the real estate transaction, it was discovered that the home had permit problems that needed to be resolved, and which mandated that money be left in escrow after the closing held on September 3, 2020. All parties agreed to keep the $25,000 in Saad’s escrow account until the permit problems were solved.
After the closing, Saad stopped responding to the parties, never returned the money, instead spending it on his own personal expenses. Afterward, it was found that $5,000 was owed to the purchasers of the home, and the remaining $20,000 was due to the seller of the home, who was Saad’s client.
On January 31, 2024, Saad was disbarred from practicing law in New York.
On April 16, 2025, Saad, 48, pleaded guilty to fourth-degree grand larceny, a Class E Felony. He was placed on probation, ordered to pay restitution, and required to complete 210 hours of community service.
“When an attorney violates the sacred trust placed in them by their clients, they undermine the very foundation of our legal system,” said Suffolk District Attorney Raymond A. Tierney. “The disbarment and guilty plea here demonstrate that no one is above the law, especially those who are entrusted to uphold it.”